The Depth Deception: Quantifying the True Execution Cost of Large-Scale Crypto Exits
Market depth indicators on major exchanges and decentralized trading venues present a systematically optimistic picture of exit conditions for large positions. For institutional and high-net-worth investors, the gap between displayed liquidity and realized execution quality can represent a material and largely invisible drag on portfolio returns. This analysis provides a rigorous framework for calculating true exit costs and structuring liquidation strategies that preserve wealth at scale.